Reps probes cryptocurrency, blockchain, digital asset transactions

guardian.ng:

Cryptocurrency. Photo: AFP

The House of Representatives has directed the immediate probe of Cryptocurrency, blockchain, digital asset transactions, online peer-to-peer (P2P) marketplace, utility sharing based platforms and their practices in the country.

The decision followed the adoption of a motion sponsored by Isiaka Ibrahim (APC, Ogun) at the plenary presided by the Deputy Speaker, Mr Benjamin Kalu.

In effect, the House directed its Committee on National security and Intelligence to probe into the issue and report back to the House for further deliberations

The committee is to identify threats to National Security and gaps in legislative framework, statutes, and regulations to the detriment of the country.

Besides, the committee is to probe into international money transfer operators, payment gateways and platforms, cloud computing, infrastructure (networks) as well as the current status of the E-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.

The House resolved to engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations, while establishing the profile of operators in the sector such as legal status, parent company, and assess their compliance with our existing statutes or complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices.

The House also resolved to superintend the engagement of the office of the NSA, other relevant agencies, cryptocurrency exchanges, and stakeholders in tracking, Identifying, and recovering illicit and laundered funds or assets.

The House is to ensure that equity,